Total Number of Contracts Processed Through
Seal Contract Discovery and Analytics
After the 2008 financial debacle, the Financial Services Industry has been under increasing pressure to comply with an ever-growing number of regulatory requirements, while at the same time trying to maximize revenues and reduce operational costs. The problem confronting financial institutions however is that the derivative agreements under scrutiny and regulation are extremely complex in nature. They often include multiple parties to the agreement with varying relationships to each other, and unique terms and obligations within the agreement that pertain to some or all of the parties based on certain conditions. It’s this intertwined web of complexities that force a very slow, manual review of each and every derivative agreement to ensure complete and accurate compliance every time a new regulation is introduced and/or a new request is made by a regulator, until now.Know more
The Healthcare industry is perhaps one of the fastest-growing industries, with a multitude of players and complex, dynamic and critically important contracts. With an increasing number of claims as well as governing regulations (i.e. HIPAA, HITECH, and ACA) that demand strict compliance with quick turnaround times, these organizations are under constant pressure to process these claims and comply with these regulations within these compressed time frames, while simultaneously minimizing legal and administrative costs. Lack of operational flexibility and immediate visibility into these contracts can cause detrimental harm to these organizations. Cyber breaches, lawsuits, and payment discrepancies are just a few of the significant problems that inflict increased risk and cost drain on these organizations, not to mention tremendous damage to their reputation. See how Seal delivers value to the Healthcare industry.Know more
Effective business processes pivot on fast, reliable access to all relevant contractual information. Traditional contract management technologies like Contract Lifecycle Management (CLM) solutions provide a structured process-oriented method for managing contracts. But how do you gain visibility into the many legacy contracts that don’t get stored within these systems? Or contracts that predate these systems? Or third-party contracts? Migration of legacy contracts into CLM systems, traditionally deemed as a one-time event, is further constrained by (1) the number of data fields pertinent to the migration and (2) the vast variation of language used to convey the same clause meaning, which limits an automated process to isolate specific contract terms. In all, a lack of visibility into contractual obligations and poor management of terms and renewals can lead to unnecessary costs and risks, and hinder the decision-making process along the functional value chain. Simply put, poor contract management dramatically increases the legal and commercial risk within the organization.
The Seal Platform enhances and extends the existing contract management solutions in a variety of ways. Read more.Know more
Legal Services remain an indispensable backbone to all organizations. In-house legal departments face an interesting conundrum – they are often entrusted with reducing operational costs while increasing oversight over the business to reduce risk and help drive strategic initiatives. In order to keep up with their expanding responsibilities, the legal departments within organizations are increasingly turning to legal service providers to support their efforts in riding the tidal wave of change, challenges and demands. With organizations spending a large portion of their legal budget on external legal services, legal service firms are under pressure to deliver high-volume, high-quality services including document review, corporate transaction support, and customized clause extraction services under tight budgets and deadlines. As a result, there’s an acute need to have technology-enabled services to increase efficiency with large volumes of unstructured data.Know more
Merges and Acquisitions (M&A) are a key focus for organizational growth in 2015. These deals, worth billions of dollars, expose the acquiring organization to substantial risk and can change the strategic direction of the organization. Historically, organizations only collected and reviewed a small percentage of relevant contracts due to cost and time constraints, hoping that this small review exercise would give them an accurate view into the health of the target organization. Recent events have shown that this partial review is clearly not delivering the intended results. Rather, it increases the organization’s risk in missing a key contract, provision or obligation that could adversely change the course of the acquisition. However, these risks are now alleviated thanks to technology.Know more
The High-Tech industry moves at an extremely fast pace, negotiating and executing a multitude of contracts across the enterprise for a wide array of needs – internal software licenses, IT hardware, sales transactions, etc. In most scenarios, high-risk, high-yield contract negotiations involve stakeholders from various departments (Legal, Finance, Sales, etc.) working to achieve a common goal – be it a profitable licensing transaction, high-stake merger, or compliance with a government regulation. However, in an effort to keep up with the accelerated pace of business, most high-tech organizations push contract management to the back burner, which impedes visibility into relevant contracts when access to the information is time-critical. This potentially negates the hard efforts that went into negotiating the favorable terms upfront, and worse, often results in missed deadlines, unrealized revenue opportunities, and significantly heightened risk.Know more
Think customers, think Sales. As the primary face to the customer, the Sales Department needs to be the strongest authority on all customers. Members of the Sales Department are involved in every aspect of the sales cycle which should provide them with a deep understanding of every customer as well as the inherent risks, costs and opportunities associated with each customer’s contract. At issue, however, are the numerous challenges that erode this deeper understanding – personnel turnover, transfer of customer accounts, high volume of contracts, etc. These and other unplanned delays in customer account management and new prospect sales cycles may result in more effort and expense to develop potential relationships that do not result in agreements or additional revenues, and may prevent sales personnel from pursuing other opportunities.Know more
The Legal Department of an organization functions as legal advisors, steering the company in an ethical and strategic direction while adhering to the law. Unfortunately, their work as legal advisors gets detracted due to the increasing frequency of one-off regulatory compliance requirements and internal requests involving high-volume contract review. This doesn’t leave much time for the high-value strategic work they were originally brought on board to perform, potentially leading to greater risk exposure for the organization and greater dissatisfaction within the Legal Department.Know more
Of all the departments in an organization, the Procurement Department deals with the most diverse contract types, with varying terms and conditions and the need for constant monitoring these terms to ensure compliance by their suppliers as well as their own compliance to internal policies and regulatory requirements. Add to this the range of external factors that can impact the day-to-day procurement process – e.g. natural disasters that disrupt the supply chain, supplier bankruptcies – and it quickly becomes apparent how critical it is for Procurement professionals to have immediate access to all of their contracts as well as the flexibility to gain insight into the specific terms that are in question at that moment.Know more
As the primary hub of a multitude of corporate events and activities, the Finance Department is tasked with driving everything from simple monetary transactions to revenue recognition to complex M&A due diligence, to name a few. Given the significant level of risk associated with the majority of these responsibilities, it is imperative that the members of this department can quickly access and assess all contract terms and conditions across the organization, isolate and contain any business risks, and identify revenue opportunities hidden in these contractual documents.Know more
The Compliance Department has a wide range of responsibilities within an organization ranging from ensuring compliance with laws and regulations, to monitoring and preventing conflicts of interest. The aftermath of the 2008 financial crisis, for example, has resulted in increased regulatory oversight, and as a result, organizations are placing utmost emphasis on their compliance departments. Entrusted with maintaining compliance both within and outside the organization, the Compliance Department has to ensure a fine balance of both preventive measures (such as breach preparedness/cybersecurity, being proactive to regulatory requirements) and corrective measures (such as quickly responding to regulatory requests, or ad-hoc market events) by providing insights into the complex contracts of the organization. Seal Software can help Compliance Departments tackle regulatory requests with speed and accuracy, by automating the contract clause search and extraction process, irrespective of the location, the type, or language of the contract.Know more
The IT Department of an organization handles the technical implementation of networks, hardware, and software including contract management systems. No matter how simple or complex, the IT department would have the final say in system integration and implementation issues. It would be challenging for IT to deploy a contract management system which promises results over time rather than immediate. Furthermore, the later the IT is brought into fold as a stakeholder in the decision making process of implementing a contract management system, the more challenging are the integration issues, leading to less automation and more manual review of contracts.Know more
Contracts are critical assets that have a direct impact on the health of an organization. Therefore, the ability to immediately access those contracts and analyze the unique terms of each contract to determine the potential impact on the organization should be a fundamental capability.
The Seal Platform, consisting of the Seal Contract Discovery and Analytics solution, serves as a foundational service with excellent integration and stacking capabilities. Using Optical Character Recognition (OCR) and advanced learning technology, capable of learning as it goes, Seal offers a fast, economical and automated process to find your contracts wherever they may reside.
An organization's contract management initiative begins with an as-is analysis of existing processes and systems for storing, fetching and analyzing contracts. It is critical for them to identify their current stage of contract management process in order to achieve a cohesive stage of contract portfolio maturity. Seal has provided an excellent Contract Management Maturity Model to facilitate organizations along the path of contract management.
Contract management is a necessary core competency for organization of all sizes, and an area that can never be outsourced or otherwise contracted away. Effective contract...
Organizations have as many as 10,000 - 200,000 contracts, perhaps more, yet very few organizations will have visibility to all of their contracts. Does this matter?
Utility organizations are required to comply with governing laws and strict industry regulatory bodies in order to pass internal and external audits to satisfy their...
Incomplete contractual information in Salesforce - the customer contract and all its terms, conditions, clauses, obligations and milestones - can hinder your ability to...
How many of us have bought a product or a service that we never really used or which failed to meet our needs or expectations? Increasingly, both consumers and businesses are...